Source:
The ScotsmanPower firms to grab £3.4bn extra profitPublished Date: 19 September 2009
By SHÂN ROSS
BRITAIN'S big six energy companies have rejected calls to cut prices, despite a halving in the wholesale cost of gas and electricity over the past year.
A report by Ofgem, the energy watchdog, has revealed that energy companies will be earning £170 profit from each dual-fuel customer over the next year – up from an average of £110 a year over the past three years.
The big six companies will earn an estimated extra £3.4 billion in profit over the next 12 months if they fail to pass on price falls to consumers, according to energy consultants Ineco.
Politicians and campaigners said there was now scope for significant price cuts this year for more than 26 million customers and accused the energy companies of indulging in "a chorus of excuse and self-justification"... MORE
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I suppose we shouldn't be surprised by such news but the older I get, the more I think unfettered capitalism will be the death of us all.